What is a small business?
A small business is a business that is privately owned which has fewer employees and/or less revenue coming in than a regular business. A business is declared a small business when
Has less than 15 people (AUSTRALIA)
Has less than 50 people (EUROPE)
Has less than 500 people (USA)
Some small businesses are things like family-owned bakeries, grocery stores, and restaurants (not chains like McDonalds or Starbucks). They can also be things like web design or computer programming. People like doctors, dentists, and lawyers can run a small business. Most small businesses don’t have a chain of locations and have a single location.
Most small businesses have the 3 characteristics of a small business such as
You wouldn’t consider CookyLela News as a small business because we don’t pull in an income. We write articles like this one just for fun! A business has to be a business only if it can pull in an income that covers the expenses and that makes a steady revenue.
You can support a small business by buying groceries from local shops or by buying from family-run businesses.